Interest rate cut welcomed by Sydney ANGLICARE

Sydney ANGLICARE welcomed today’s interest rate cut and is keen to see the benefits flow on to low income families who have been struggling to keep a roof over their heads.

While higher interest rates are directly linked to mortgagee stress, it has also hit families in the rental market according to ANGLICARE Sydney’s CEO Peter Kell.

“Rising interest rates have not only directly affected landlords but have also pushed many onto the rental market. The resulting increase in demand for rental property has seen spikes in rents that have hit many low income households hardest,” says Mr Kell.

“We hope the rate cut will bring some relief to many people who have been directly and indirectly affected by seven years of interest rate rises.”

According to Mr Kell, the large portion of income spent on accommodation has been stressing already tight household budgets and limiting other expenditure on essential items such as groceries and energy bills.

“We are seeing increasing numbers of people accessing emergency relief through ANGLICARE in areas of socio-economic disadvantage as a result,” Mr Kell said.

“Our services have recorded an increase in the number of people seeking help with bills and food hampers last year. Requests for accommodation assistance have also steadily increased as people find it difficult to meet their rental repayments.

“In some instances even our front line community care workers, let alone the clients they assist, have had to deal with rent increases of more than 30 per cent in the space of three months.”